The House passed the Tax Cuts and Jobs Act on Tuesday, but needs to vote again Wednesday after three pieces of the bill were deemed in violation of the so-called Byrd rule. It would be an identical version of the bill the Senate passed just after midnight on Wednesday.

As the House version passed on Tuesday, the Treasury yield curve bear-steepened, meaning that long-term rates rose faster than short-term rates as traders speculated on quicker growth. On Tuesday, the 30-year yield had its biggest increase in a year. The benchmark 10-year yield rose to its highest level in nine months, and has climbed by about 14 basis points since December 15.